Seed Co International becomes first issuer listed on VFEX, ZSE listing terminated

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  • Company officially listed on 21 October 2020
  • SeedCo had last operations on the ZSE in July
  • VFEX set to officially open on 23 October before commencing trading on 26 October

Harare – Crop seeds developing and marketing company Seed Co International has become the first counter listed on the new Victoria Falls Stock Exchange (VFEX) and will have its listing on the Zimbabwe Stock Exchange (ZSE) terminated with effect from the 23rd of October 2020.

This was revealed by the VFEX Chief Executive Officer, Justice Bgoni in press statements issued on Wednesday.

“The Victoria Falls Stock Exchange Limited (“VFEX”) is pleased to announce the listing of Seed Co International Limited’s (“Seed Co International”) shares with effect from 26 October 2020. Seed Co International becomes the first issuer to list on the Main Board of VFEX

…the Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies all stakeholders of the termination of listing of Seed Co International with effect from 23 October 2020,” he said.

SeedCo International had its trading on the ZSE halted on 31 July 2020 following the suspension of fungibility of dual-listed shares on the local bourse as a result of investigations relating to alleged participation in parallel forex market activities by these companies, of which Seed Co International was one.

Although investigations concluded that the company was not involved in the activities, trading of its shares remained suspended.

The VFEX which will be managed by the ZSE is set to officially open on the 23rd before commencing trading on the 26th of October and is a USD denominated stock exchange created out of the need to attract foreign capital and hard currency funding for local entities, mainly those involved in the extractive sectors.

Meanwhile other companies such as the LSE AIM listed Caledonia and ASX listed Prospect Resources have independently pronounced their intentions for a dual listing on the local USD denominated bourse.

Equity Axis News.

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